The Five Stages of Small Business Growth

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As business growth happens, the business goes through several distinct stages – from start-up through maturity. One way to evaluate the level of legal support needed by a business is to peg which stage of growth the business is in. There are several different models used to describe the stages of business growth. One of the most popular systems, originally published in the Harvard Business Review, divides businesses into five stages. These stages are summarized ...

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Avoid Tax Penalty With an IRS Penalty Abatement Letter

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Of course it’s best to avoid incurring IRS tax penalties but if you get saddled with any, the best way to get out of having to pay is so obvious it’s often overlooked: Just ask! The IRS has a “Penalty Handbook” describing various penalties that may be assessed against taxpayers. In addition, the Handbook also contains little known loopholes that can be used to ask for a reduction or elimination of penalties. The IRS Penalty Handbook is available to taxpayers ...

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Senior Citizen Bankruptcy – Things I Consider

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“I got through the great depression not owing anyone a dime but now in retirement I am hounded by collectors,” is a complaint I often hear from a senior citizen  contemplating bankruptcy. Since seniors may disproportionally worry about collections, there are two common justifications for senior no-asset bankruptcies but properly counseling a senior about bankruptcy requires special sensitivity. During the initial consultation and before getting to the justifications for a Chapter 7 or Chapter 13 consumer or business bankruptcy, I want ...

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Bankruptcy Can Clear Most But Not All Loans and Debts

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Bankruptcy is an option when you find yourself drowning in a sea of debt but  talk to an experienced bankruptcy attorney about how it will affect your future because there are certain kinds of debt that can be discharged and other kinds that cannot. 

In bankruptcy many debts are dischargeable (forgiven) but some debts are non-dischargeable (still follow you). In general, debts that are most often dischargeable include: utility bills, vehicle loans, vehicle leases, rent that hasn’t been paid, debt in collections, medical bills, some tax debt, ...

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Probate Checklist. Tips for Executors

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When taking care of the estate of a loved one who has passed, a number of agencies may need notification outside of probate. Here is a common list but not all of these will apply to everyone:  1. Social Security Administration; 2. Veteran’s Administration (if the decedent  formerly served in the military); 3. Defense Finance and Accounting Service (military service retiree receiving benefits); 4. Office of Personnel Management (if the decedent is a former federal civil service employee); 5. U.S. Citizen and ...

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Seven Tips for Selling a Business

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(1)  First, realize what acquirers are looking for. People buy companies for a number of different reasons, and if you can figure out what your buyer wants, you can position yourself to your advantage. Then (2),  Know that it’s a long process. A long process can put your business in serious trouble if you concentrate all your energy on pushing the sale through, rather than maintaining and growing your company.  After that (3),  Get as many bidders involved as possible. ...

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Bankruptcy Before or After House Foreclosure?

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Bankruptcy Before House Foreclosure? When deciding whether to file for bankruptcy before or after a house foreclosure, always choose before. If nothing else, filing for bankruptcy before a house foreclosure, especially with the proper use of Chapter 13, can help retain control over the home for a longer period of time, thus reducing the stress and anxiety of being displaced and Chapter 13 might even derail the house foreclosure altogether, get rid of liens and keep you in the home!  ...

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Estate Planning for Minor Children

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One of the most important reasons for estate planning is to ensure proper provisions are made for your children. If you have minor children, deal with all the issues involved can seem overwhelming but the alternative is to risk making no provisions.
When selecting a guardian, consider:

  • Would your parents really have the energy to raise more children?
    · Can you select a sibling or friend?

· Will the guardian be able to raise your child like one of their own?

  • Can ...
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